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IOC, BPCL, HPCL lost $2.25 bn in revenue due to fuel price freeze: Moody's

India's top fuel retailers IOC, BPCL and HPCL have together lost around USD 2.25 billion (Rs 19,000 crore) in revenue in March by keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices, Moody's Investors Service said on Thursday.

Petrol and diesel prices remained unchanged between November 4, 2021, and March 21 despite prices of crude oil (raw material for producing fuel) averaging around USD 111 per barrel in the first three weeks of March compared to around USD 82 in early November.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation and Hindustan Petroleum Corporation (HPCL) on March 22 and 23 raised petrol and diesel prices by 80 paise per litre each but paused the increase on Thursday.

Invesco backs Zee, Sony merger, decides against pursuing litigation

Invesco Developing Markets Fund, which owns 18 per cent stake in Zee Entertainment, has backed the Zee merger with Sony and has decided not to pursue litigation against Zee. In a statement, the company said it is pleased with the Bombay High Court’s ruling, which is an important reaffirmation of shareholder rights in India and the mechanisms under Indian law to hold Boards accountable to their shareholders. "The ruling is a boon for corporate governance in India and a win forshareholder democracy," it said.

Ruchi Soya hits capital market to raise Rs 4,300 cr; to become debt-free

Baba Ramdev-led Patanjali Ayurved-owned Ruchi Soya on Thursday hit the capital market to raise Rs 4,300 crore through its follow-on public offer (FPO) asit aims to become a debt-free company. The issue closes on March 28. The price band has been fixed at Rs 615 to Rs 650 pershare.

Addressing a press conference here, Ramdev said the company has launched its FPO despite volatility in the stock market because of the war between Russia and Ukraine. He said the company has already raised Rs 1,290 crore from anchor investors on Wednesday and expressed confidence that its FPO would be a huge success as people have faith in its products and brand. Ramdev said the proceeds of the FPO would be utilised to retire the term loan of Rs 3,300 crore. "Ruchi Soya will become debt-free," he asserted.

Adani Ports set for grand entry into West Bengal with Tajpur port deal

Adani Ports and Special Economic Zone Ltd (APSEZ) is set to build a greenfield port at Tajpur in West Bengal’s Purba Medinipur district on a concession period of 99 years, multiple sources said. According to sources, Adani Ports and Special Economic Zone Ltd has emerged as the highest bidderfor the Tajpur greenfield port projectin West Bengal

Adani, L&T among firms keen to build satellite launchers: Govt

The government Thursday said Adani Enterprises Limited and L&T are part of two consortia led by State-run enterprises that have evinced interest in building the Polar Satellite Launch Vehicle (PSLV), the ISRO's warhorse rocket to put satellites in orbit. In a bid to encourage private sector participation in the space sector, New Space India Limited (NSIL), a company under the Department of Space, had invited proposals from the Indian industry to build five PSLVs.

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